May only be that number of rigs putting in new wells, but there are literally over 200,000 fracked wells. As in, past tense. But those wells are producing gas. It makes it sound like there's a decline in production. There isn't. Merely a decrease in the rate of increase.

Anyway, yeah, this is a predictable case of supply and demand. "Boom" mentality. Gas prices were high, and with advances in drilling technology, a lot of gas, PA and elsewhere, became recoverable. Everyone rushed to get it. And get it they did, in enough volume to surpass demand.

It'll still be recovered, it just needs to be on a slower, more sustainable time scale. The market will, and is taking care of it, and correcting the pace of gas recovery. If you thought it would be ape-crap crazy for decades, well, that just wasn't gonna happen.

Remember, that after a well is drilled, the rigs leave, and that well produces gas for decades. Many wells were drilled, and capped, and are producing. New wells only need to keep up with declining production from old wells, and increased demand. That's really not all that much!